Investor ups offer for De Vere and extends deadline again

Investor GPG has increased its partial offer for De Vere Group from 415p to 430p a share and extended the deadline for the offer until 3pm on 7 June.

GPG, which wants to force the sale of the group's 21 De Vere hotels for more than £550m, had already extended the offer until 28 May. The group also comprises Village Hotels & Leisure Clubs.

GPG said that holders of 0.14% of De Vere shares had accepted its original offer, and owners of 10.49% of the shares had approved the offer in principle.

The bid to buy 25% of De Vere, on top of the 10% it already owned, was launched by GPG in March. It also requires approval from 50% of shareholders.

De Vere rejected the revised offer as wholly inadequate. "A marginal increase to a derisory price is still a derisory price," said chairman Peter Daresbury.

by Angela Frewin

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